Stocks recover early losses after data show slowing U.S. services sector
Thursday, 3 October 2019 23:17 WIB |
MARKET UPDATE | Standard & Poor's 500saham A.S
U.S. stocks recovered from early losses to trade mixed Thursday after a report on the U.S. services sector showed it growing at a slower pace than at any point since 2016, following a report on manufacturing earlier this week that showed it contracting for the second month in a row.
However, the chances of another interest rate cut by the Federal Reserve increased following the release of weak data on the services sector. Expectations for an October rate cut jumped to 93.5% from 77% on Wednesday.
The Dow Jones Industrial Average rose 10 points, or 0.1%, to 26,102, the S&P 500 index lose 8 points, or 0.3% to 2,895, while the Nasdaq Composite index rose 28 points to reach 7,811, a gain of 0.4%.
On Wednesday, the three main benchmarks had their worst single-session decline since Aug. 23, with the Dow falling 494.42 points, or 1.9%, to 26,078.62, the S&P 500 index losing 52.64 points or 1.8% to end at 2,887.61. The Nasdaq Composite Index declined 123.44 points, or 1.6%, to finish at 7,785.25.